Perion Announces Record Revenues, Up 53%, For Second Quarter Of 2012

Perion Network Ltd. (NASDAQ: PERI), today announced financial results for the second quarter and six months ended June 30, 2012.

Q2 2012 non-GAAP Financial Highlights Include:

• Quarterly revenues increased 53% year-over-year to $12.3 million;
• Product and other advertising revenues tripled year-over-year, reaching $5.9 million;
• Search revenue increased sequentially 15% to $6.4 million;
• EBITDA was $2.7 million, or 22% of revenues; and
• Net income totaled $1.8 million, or 15% of revenues;

First Six Months 2012 non-GAAP Financial Highlights Include:

• Year-to-date revenues increased 41% year-over-year to $23.6 million;
• Combined product and other advertising revenues tripled year-over-year, reaching $11.6 million and accounted for almost half of the revenues in the first half of 2012;
• EBITDA was $5.3 million, or 22% of revenues; and
• Net income totaled $4.0 million, or 17% of revenues;

“Based on strong second quarter results and ongoing operational improvements, we are increasing our outlook for the full year,” commented Chief Executive Officer Josef Mandelbaum. “We currently expect a better than 50% increase in revenues in the second half of this year compared to the second-half of last year.”

“In particular, our search business showed a 15% growth from the first quarter and is on a significant upward trajectory as we begin to reap the benefits of our investments in infrastructure and systems over the past year,” added Mr. Mandelbaum. “In addition, as we approach the one year anniversary of our Smilebox acquisition, I am pleased to report that it continues to be profitable with 30% top-line growth. Looking forward, we continue to invest in our future, and are on track to launch our revolutionary iPad email app at the end of the third quarter as well as major improvements to our Smilebox iPhone app during the quarter.”

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